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Side-by-side financial comparison of CMS Energy (CMS) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.1B, roughly 1.9× Virtu Financial, Inc.). Virtu Financial, Inc. runs the higher net margin — 31.6% vs 13.5%, a 18.1% gap on every dollar of revenue. On growth, Virtu Financial, Inc. posted the faster year-over-year revenue change (30.7% vs 13.0%). Over the past eight quarters, Virtu Financial, Inc.'s revenue compounded faster (25.7% CAGR vs -0.2%).
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
CMS vs VIRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.1B |
| Net Profit | $289.0M | $346.6M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 37.4% |
| Net Margin | 13.5% | 31.6% |
| Revenue YoY | 13.0% | 30.7% |
| Net Profit YoY | 9.1% | 82.8% |
| EPS (diluted) | $0.94 | $1.99 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $2.1B | $969.9M | ||
| Q3 25 | $2.0B | $824.8M | ||
| Q2 25 | $1.8B | $999.6M | ||
| Q1 25 | $2.4B | $837.9M | ||
| Q4 24 | $1.9B | $834.3M | ||
| Q3 24 | $1.7B | $706.8M | ||
| Q2 24 | $1.6B | $693.0M |
| Q1 26 | — | $346.6M | ||
| Q4 25 | $289.0M | $139.9M | ||
| Q3 25 | $277.0M | $77.6M | ||
| Q2 25 | $201.0M | $151.2M | ||
| Q1 25 | $304.0M | $99.7M | ||
| Q4 24 | $265.0M | $94.1M | ||
| Q3 24 | $253.0M | $60.0M | ||
| Q2 24 | $198.0M | $66.6M |
| Q1 26 | — | 37.4% | ||
| Q4 25 | 20.4% | 35.4% | ||
| Q3 25 | 24.4% | 21.8% | ||
| Q2 25 | 17.6% | 34.7% | ||
| Q1 25 | 20.6% | 26.7% | ||
| Q4 24 | 22.5% | 24.3% | ||
| Q3 24 | 21.4% | 20.8% | ||
| Q2 24 | 18.0% | 22.4% |
| Q1 26 | — | 31.6% | ||
| Q4 25 | 13.5% | 14.4% | ||
| Q3 25 | 14.0% | 9.4% | ||
| Q2 25 | 11.2% | 15.1% | ||
| Q1 25 | 12.7% | 11.9% | ||
| Q4 24 | 14.0% | 11.3% | ||
| Q3 24 | 14.8% | 8.5% | ||
| Q2 24 | 12.6% | 9.6% |
| Q1 26 | — | $1.99 | ||
| Q4 25 | $0.94 | $1.54 | ||
| Q3 25 | $0.92 | $0.86 | ||
| Q2 25 | $0.66 | $1.65 | ||
| Q1 25 | $1.01 | $1.08 | ||
| Q4 24 | $0.88 | $1.03 | ||
| Q3 24 | $0.84 | $0.64 | ||
| Q2 24 | $0.65 | $0.71 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $509.0M | $973.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $2.2B |
| Total Assets | $39.9B | $25.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $973.2M | ||
| Q4 25 | $509.0M | $1.1B | ||
| Q3 25 | $362.0M | $707.9M | ||
| Q2 25 | $844.0M | $752.1M | ||
| Q1 25 | $465.0M | $723.6M | ||
| Q4 24 | $103.0M | $872.5M | ||
| Q3 24 | $412.0M | $701.4M | ||
| Q2 24 | $699.0M | $684.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $9.1B | $1.6B | ||
| Q3 25 | $8.9B | $1.5B | ||
| Q2 25 | $8.4B | $1.4B | ||
| Q1 25 | $8.3B | $1.3B | ||
| Q4 24 | $8.2B | $1.3B | ||
| Q3 24 | $8.1B | $1.2B | ||
| Q2 24 | $8.0B | $1.2B |
| Q1 26 | — | $25.1B | ||
| Q4 25 | $39.9B | $20.2B | ||
| Q3 25 | $38.0B | $21.3B | ||
| Q2 25 | $37.7B | $19.3B | ||
| Q1 25 | $36.3B | $17.5B | ||
| Q4 24 | $35.9B | $15.4B | ||
| Q3 24 | $34.8B | $14.4B | ||
| Q2 24 | $34.4B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $478.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $518.4M | ||
| Q3 25 | $343.0M | $-68.7M | ||
| Q2 25 | $414.0M | $62.8M | ||
| Q1 25 | $1.0B | $15.0M | ||
| Q4 24 | $403.0M | $599.0M | ||
| Q3 24 | $304.0M | $112.1M | ||
| Q2 24 | $707.0M | $490.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $495.6M | ||
| Q3 25 | $-635.0M | $-76.7M | ||
| Q2 25 | $-470.0M | $57.6M | ||
| Q1 25 | $112.0M | $9.2M | ||
| Q4 24 | — | $586.6M | ||
| Q3 24 | $-502.0M | $106.2M | ||
| Q2 24 | $26.0M | $486.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 51.1% | ||
| Q3 25 | -32.2% | -9.3% | ||
| Q2 25 | -26.1% | 5.8% | ||
| Q1 25 | 4.7% | 1.1% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | -29.3% | 15.0% | ||
| Q2 24 | 1.6% | 70.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | 49.5% | 1.0% | ||
| Q2 25 | 49.2% | 0.5% | ||
| Q1 25 | 37.0% | 0.7% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | 47.1% | 0.8% | ||
| Q2 24 | 43.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 3.71× | ||
| Q3 25 | 1.24× | -0.89× | ||
| Q2 25 | 2.06× | 0.42× | ||
| Q1 25 | 3.29× | 0.15× | ||
| Q4 24 | 1.52× | 6.37× | ||
| Q3 24 | 1.20× | 1.87× | ||
| Q2 24 | 3.57× | 7.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
